In 2023 the Bank of Russia identified a substantial rise in financial pyramids, reporting 2,944 cases. This figure represents about 1.5 times more than the tally from 2017, according to an official press release issued by the Central Bank of the Russian Federation. The bank’s findings underscore a growing challenge in the financial landscape and the need for vigilant oversight to protect investors and the integrity of markets.
Alongside the surge in pyramid schemes, the Bank of Russia noted a 9% increase in the detection of illegal lending activities within the year. Simultaneously, there was a noticeable decline in the number of illegal participants in the securities market, with the bank observing a reduction of nearly one third in this category. The divergence reflects shifting patterns in unlawful financial activity and highlights the necessity for ongoing enforcement and risk assessment across different segments of the market.
From January to December 2023, authorities acting at the initiative of the Bank of Russia blocked more than 11,200 illegal Internet resources. This broad action targeted a variety of channels, including accounts, channels, and chat bots across popular social platforms in Russia, such as Odnoklassniki, VKontakte, and Telegram. The steps taken illustrate a determined approach to curtail the spread of fraudulent schemes and to disrupt networks that enable illicit financial activity.
In parallel with these actions, more than 125 criminal cases were opened against individuals involved in the creation and distribution of illegal financial products. The enforcement effort signals the seriousness with which authorities treat violations that undermine financial stability and consumer protection.
Earlier analyses noted a sharp increase in the number of phone numbers used by scammers to infiltrate networks in 2023. The evolving tactics employed by criminals emphasize the importance of robust verification processes, cybersecurity measures, and ongoing public awareness campaigns to reduce the impact of such intrusions.
In the context of data protection, Russian banks faced scrutiny over the handling of customer information. There were calls for imposing penalties when leaks occurred, a debate that centers on accountability and the deterrent value of sanctions for institutions that fail to safeguard sensitive data. Industry observers have also discussed the accountability of senior bank executives in the event of data breaches, with proposals that leadership changes might be warranted in cases of serious lapses.
Overall, the year 2023 showcased a complex mix of proactive enforcement, strategic resource blocking, and policy discussions aimed at strengthening the resilience of the financial system. The Bank of Russia continues to emphasize the protection of investors, the integrity of securities markets, and the secure operation of financial services. Ongoing collaboration with law enforcement, regulatory bodies, and financial institutions remains essential to detect, deter, and disrupt unlawful activities while promoting transparency and trust in the financial sector.